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What is the PPSR?
PPSR stands for the new Personal Property Securities Register that was established pursuant to the Personal Property Securities Act 2009 (Cth). This register is a national register that has been brought in to streamline the registration of security interests in personal property throughout Australia.
The effects of the PPSR are wide-ranging and have already had a significant impact on the way that people do business in Australia. It will affect the way many different commercial arrangements need to be structured, every business that provides credit to its customers should obtain advice in this regard.
The main feature of the PPSR is that providers of credit now need to register their interest on the PPSR. If the interest is not registered then that credit provider may lose priority and their right to the chattels.
Registration is a straightforward process and a process that can be cost-effective if used correctly. We advise parties of the rights and obligations regarding the PPSR and assisting parties to analyse their business and drafting contracts in a way to ensure that credit providers interests are not lost as a result of the register.